Cologne, September 16, 2024 – YPOG advised REWE Group as new investor on the $61 million Series B financing round of the Berlin-based FoodTech start-up Formo. The new financing round includes existing investors such as Foodlabs, EQT Ventures, Lowercarbon Capital, Happiness Capital, Elevat3 Capital and Grazia Capital as well as new investors such as Sazaby League, Seven Ventures, Woodline Partners and The Nature Conservancy.
Founded in Berlin in 2019, the FoodTech start-up Formo specializes in the production of animal-free cheese alternatives and is the first company in the world to launch cheese products based on koji proteins. Formo uses microfermentation to produce functional koji proteins, which are ideal for the production of cheese alternatives thanks to their properties.
The company intends to use the newly raised capital to expand internationally and diversify its product range.
Johannes Janning's team has advised REWE Group on several occasions in the past, including the €58 million financing round of Infinite Roots.
Team
Dr. Johannes Janning (Lead, Transactions), Partner, Cologne
Laura Franke (Transactions), Senior Project Lawyer, Cologne
Boris Schinzel (Transactions), Associate, Berlin
Nina Ahlert (Transactions), Senior Associate, Cologne
Dr. Benedikt Flöter (IP/IT/Data Protection), Associated Partner, Berlin
Dr. Christoph Cordes (IP/IT/Data Protection), Associate, Berlin
Farina Weber (Transactions), Associate, Berlin
The REWE Group in-house team was led by Dr. Ulrich Fleischer (Senior Legal Counsel - M&A and Financing).
About REWE Group
The cooperative REWE Group is one of the leading retail and tourism groups in Germany and Europe. In 2023, the company achieved a total external turnover of over €92 billion. Founded in 1927, REWE Group has around 390,000 employees and is present in 21 European countries.
